Simplified advice silence stalling firms' plans

Carmen Reichman
clock

The industry has yet to develop profitable simplified advice models because it is waiting on clearer guidance and direction from the regulator, Lighthouse group chief executive Malcolm Streatfield has said.

Lighthouse has been mulling the launch of a simplified model for the past four years, but says further clarity from the Financial Conduct Authority (FCA) is needed. The FCA's predecessor authority, the Financial Services Authority, published finalised guidance on simplified advice in 2012, saying it was possible under the existing regime. But advisory firms have apparently been reluctant to be first to market, saying, anecdotally, that they lack confidence in the regulatory position. Streatfield said Lighthouse Financial Advice (LFA) is engaged in discussions with the Association o...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

FCA and FOS release call for input to modernise redress system

FCA and FOS release call for input to modernise redress system

Comes after Rachel Reeves’ Mansion House speech

Isabel Baxter
clock 15 November 2024 • 3 min read
Chancellor targets FOS modernisation and FCA consultation

Chancellor targets FOS modernisation and FCA consultation

Consultation part of the advice guidance boundary review

Isabel Baxter
clock 14 November 2024 • 3 min read
FCA issues warning notice against Crispin Odey over 'lack of integrity'

FCA issues warning notice against Crispin Odey over 'lack of integrity'

Regulator alleges 'reckless disregard' on governance

Cristian Angeloni
clock 04 November 2024 • 2 min read